Cautious optimism prevails in the Asian private equity (PE) industry for 2021, with Asia Pacific regions leading the global recovery. The region even recorded a 29 per cent increase in merger and acquisition (M&A) deal value in the first three quarters of 2020 compared to the same period in 2019. While mounting geopolitical tensions and the evolving pandemic remain the key concerns of PE investors, Asian countries—namely, China, Japan and India—are considered the most appealing investment destinations given their robust opportunities. Barry Tong of Grant Thornton outlines some of the trends in the PE industry that emerged from a recent survey carried out by the company.